According to an article on Gallup.com, 71% of Millennials (those born between 1980 and 1996) are either “not engaged” or “actively disengaged” at work. The key to hiring and managing this generation is understanding what motivates them. Dr. Andrew Clarke did a great job explaining this in an EquiManagement article discussing ‘Creating a Millennial-Friendly Equine Practice.’
The Gallup research also found that six in 10 Millennials “are open to different job opportunities right now” and that only half (50%) of Millennials plan to be with their current companies one year from now.
However, the Gallup article stressed that companies should “not accept job-hopping as the new norm.”
The article went on to say, “This trend is troublesome for leaders because these workers currently make up 38% of the U.S. workforce. Some estimate that they will make up as much as 75% of it by 2025.”
The biggest problem with that high job turnover rate is the replacement cost of an employee, which Gallup estimated 150% of the salary. That cost can include job search, interviewing, hiring and training.
“Gallup estimates show that Millennial turnover as a result of poor employee engagement costs the U.S. economy $30.5 billion a year,” noted the article. “Employers are making a costly mistake if they write the job-hopping tendency off as unchangeable or out of their control.”
However, just like with any engaged employee, a Millennial who is engaged in his or her job is “26% less likely” than a millennial who isn’t engaged to say he or she would consider “taking a job with a different company for a raise of 20% or less.”
The Gallup article noted that, “By failing to actively meet Millennials’ need to learn and grow, managers are likely to get hit with letters of resignation before they even knew there was a problem.”
To read the complete article please visit gallup.com.